First Citizens BancShares, Inc. (NASDAQ:FCNCA) Receives Average Rating of “Hold” from Brokerages

First Citizens BancShares, Inc. (NASDAQ:FCNCA) has been assigned a consensus rating of “Hold” from the fourteen brokerages that are currently covering the company, Marketbeat.com reports. Eleven analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $2,272.5385.

A number of brokerages have recently commented on FCNCA. Wall Street Zen raised First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. Jefferies Financial Group reiterated a “hold” rating and issued a $2,300.00 target price on shares of First Citizens BancShares in a research note on Thursday, July 23rd. Piper Sandler boosted their price target on shares of First Citizens BancShares from $2,050.00 to $2,100.00 and gave the company a “neutral” rating in a report on Monday, July 27th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $2,300.00 target price on shares of First Citizens BancShares in a research report on Thursday, July 9th. Finally, Citigroup reissued a “neutral” rating on shares of First Citizens BancShares in a report on Friday, July 24th.

First Citizens BancShares Stock Performance

Shares of NASDAQ FCNCA opened at $2,173.88 on Tuesday. The business’s 50-day moving average price is $2,169.56 and its two-hundred day moving average price is $2,043.29. First Citizens BancShares has a one year low of $1,623.76 and a one year high of $2,296.30. The company has a market capitalization of $24.54 billion, a P/E ratio of 11.62, a price-to-earnings-growth ratio of 1.64 and a beta of 0.60. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.00 and a quick ratio of 1.00.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Thursday, July 23rd. The bank reported $57.09 earnings per share for the quarter, beating the consensus estimate of $0.41 by $56.68. The firm had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.16 billion. First Citizens BancShares had a net margin of 16.28% and a return on equity of 12.07%. Analysts anticipate that First Citizens BancShares will post 192.11 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be given a dividend of $2.10 per share. The ex-dividend date is Monday, August 31st. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. First Citizens BancShares’s dividend payout ratio is 4.49%.

Insider Transactions at First Citizens BancShares

In other First Citizens BancShares news, Director Diane Morais acquired 50 shares of the business’s stock in a transaction on Wednesday, August 19th. The stock was purchased at an average price of $2,168.11 per share, for a total transaction of $108,405.50. Following the transaction, the director owned 100 shares in the company, valued at $216,811. This trade represents a 100.00% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 14.63% of the company’s stock.

Institutional Investors Weigh In On First Citizens BancShares

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. National Pension Service increased its holdings in First Citizens BancShares by 28.4% in the second quarter. National Pension Service now owns 683 shares of the bank’s stock valued at $1,421,000 after purchasing an additional 151 shares during the last quarter. WINTON GROUP Ltd bought a new position in First Citizens BancShares during the second quarter worth about $229,000. Integrated Wealth Concepts LLC acquired a new position in shares of First Citizens BancShares during the 2nd quarter worth about $31,000. Community Bank N.A. grew its position in shares of First Citizens BancShares by 90.3% during the 2nd quarter. Community Bank N.A. now owns 59 shares of the bank’s stock worth $123,000 after buying an additional 28 shares during the period. Finally, Nykredit A S bought a new position in First Citizens BancShares during the 2nd quarter worth approximately $3,204,000. Institutional investors and hedge funds own 78.01% of the company’s stock.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc is the financial holding company for First-Citizens Bank & Trust Company, which operates under the First Citizens Bank name. Headquartered in Raleigh, North Carolina, the company provides banking and financial services to individuals, businesses, nonprofit organizations and government entities.

Its offerings include checking and savings accounts, consumer and commercial loans, mortgages, credit cards, cash-management and treasury services, investment services, and wealth management.